MONEY

A shareholder of the website, Bible.com sued the company’s board saying the ministers who run the corporation are failing to profit from the potential of the namesake Internet property. James Solakian acquired part of the company’s equity as a settlement of a business debt. He says one potential purchaser estimated bible.com could be worth more than dictionary.com which recently sold for more that $100 million. His suit has created a struggle for control of the company which has put the future of the site in limbo.

The domain name was originally registered by an Arizona pastor in 1996. He refused to sell the site saying he felt he was entrusted to run the site for a sacred purpose. The website currently displays a mix of ads, a verse of the day, and several links to Biblical answers for various concerns. Court records show the original company had promised to make the site “very, very profitable,” and that the company would be run in accordance with Christian business principles. Solakian’s suit claims the board has breached their duty by refusing to sell the site or run the company in a profitable manner.

1 Timothy 6:9-10 (CEV) ’People who want to be rich fall into all sorts of temptations and traps. They are caught by foolish and harmful desires that drag them down and destroy them. (10) The love of money causes all kinds of trouble. Some people want money so much that they have given up their faith and caused themselves a lot of pain.”